RBI asks partner banks of OneCard to stop issuing credit cards
08 Dec 2025, 11:33 AMThe central bank has taken this step as it wants to have clarity on the data-sharing rules followed in this partnership.
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The Reserve Bank of India (RBI) has asked all the partner banks of OneCard to stop issuing the co-branded credit cards, The Economic Times reported.
The central bank has taken this step as it wants to have clarity on the data-sharing rules followed in this partnership.
OneCard's partner institutions includes Bank of Baroda Cards, SBM India, and Federal Bank.
This is not the first time the RBI has moved to halt such partnerships between a fintech company and a bank. Last year, Federal Bank and South Indian Bank both paused their co-branded programs following the RBI's instructions.
OneCard, which is operated by FPL Technologies, has raised over $111 million from investors including Peak XV Partners, QED Holdings and Hummingbird VC. The company had achieved unicorn status after its Series D funding round of $100 million led by Temasek in 2022.
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